Solana faces significant challenges in reaching new historic highs, with price consolidating around $238 amid increasing selling pressure.
Resistance and Key Liquidation Levels
The liquidation heatmap shows key price levels influencing Solana's movement, with high liquidity concentration at the $246 resistance and $225 support levels.
CMF and BoP Indicator Trends
Chaikin Money Flow has entered a downward trend, indicating increased selling pressure. The Balance of Power indicator also turned negative, highlighting seller dominance.
Potential Price Targets and Conclusions
Current selling pressure could push Solana to test $222 and potentially decline to $200. However, renewed buying interest could invalidate this bearish view, pushing the price to $265. Investors should monitor the critical $225 support level closely.
The convergence of current technical signals suggests potential further price decline for Solana. Investors are advised to monitor key levels closely as they may determine future price movements.
